Nigeria, which is the largest crude oil producer in Africa, now officially became the biggest economy in the continent. The increase of gross domestic product (GDP) is faster than those of the previous leader South Africa and the country overtook the first position. The Nigerian GDP rose to 453 billion USD, ahead of the 384 billion USD of South Africa. Also according to the statistics the economy of Nigeria is 26th largest in the world, supported by the large crude oil deposits, high technology improvement and telecommunications.
The average economic growth of Nigeria in the last eight years was at level of 6.8%, as for 2014 the International Monetary Fund (IMF) predicted level of 7.4%. For comparison in South Africa the average economic expansion till 2009 was slightly more than 5%. Subsequently, it decreased sharply due to the global economic crisis.
Regarding the indicator GDP per capita, South Africa is home of 53 million people and is far ahead of Nigeria, which is the most populous country in Africa with nearly 170 million people. GDP per capita in Nigeria has reached 2,688 USD per year compared to 1,555 USD per year in 2012. This indicator position the country on 121 place in the world, as for comparison in South Africa the GDP per capita is 7,508 USD per year.
According to the World Bank in 2010, 84.5% from the Nigerian people lived with just 2 USD per day, which is below the level of poorness. However, the country is developing and the increased number of foreign investments are supporting it. Nigeria is the biggest crude oil producer in Africa and also during the last few years US investors are giving money for telecommunications, technology, infrastructure and etc.